
********************************************************************************
**#	TABLE 4: Validity of Research Design
********************************************************************************

********************************************************************************
*Panel A - McCrary Manipulation Tests - report robust T and p-value
********************************************************************************
*File path
capture cd "C:\Users\austin.starkweather\Dropbox\Research\CD&A Disclosure\Analysis"
capture cd "C:\Users\joshw\Dropbox\CD&A Disclosure\Analysis"
use "Data\Temp\cda_final80_final_n20610.dta", clear

*2.5%
rddensity sop_for_iss, c(0.7) h(0.025 0.025) p(1) q(2) all

*5%
rddensity sop_for_iss, c(0.7) h(0.05 0.05) p(1) q(2) all 

*10%
rddensity sop_for_iss, c(0.7) h(0.10 0.10) p(1) q(2) all 

*All - CJM data driven bandwidth
rddensity sop_for_iss, c(0.7) all 

*2011 only CJM data driven bandwidth
rddensity sop_for_iss if(fyear==2010), c(0.7) p(1) q(2) all 

********************************************************************************
*Panel B - Similarity of Treatment and Control
********************************************************************************
/* Notes:
- T-tests are columns 1-4; - RD estimates last two columns 5-6; N= column 7
- For RD estimates, we report the robust bias-corrected coefficients and p-values
*/

*File path
capture cd "C:\Users\austin.starkweather\Dropbox\Research\CD&A Disclosure\Analysis"
capture cd "C:\Users\joshw\Dropbox\CD&A Disclosure\Analysis"
use "Data\Temp\cda_n426_final.dta", clear

*******************************
**B1: SOP voting t-1 and t

foreach var of varlist sop_for_iss_m1 sop_for_iss {
	tabstat `var', by(iss_treat)
	ttest `var', by(iss_treat) 
}
rdrobust sop_for_iss_m1 sop_for_iss, h(0.025 0.025) c(0.7) p(1) q(2) all

*******************************
**B2: Shareholder engagement t	

foreach v of varlist shareldr_d_final ln_shareldr_count_final engage_sop_p0_final engage_table_p0_final contact_p0_final spoken_p0_final {
	di "*** `v' ***"
	ttest `v', by(iss_treat) 
	di "*** `v' ***"
	rdrobust `v' sop_for_iss, h(0.025 0.025) c(0.7) p(1) q(2) all
}

********************************
**B3: Shareholder engagement t-1		

foreach v of varlist  shareldr_d_m1_final ln_shareldr_count_m1_final engage_sop_m1_final engage_table_m1_final contact_m1_final spoken_m1_final{
	di "*** `v' ***"
	ttest `v', by(iss_treat) 
	di "*** `v' ***"
	rdrobust `v' sop_for_iss, h(0.025 0.025) c(0.7) p(1) q(2) all	
}

****************************
**B4: Firm characteristics t

foreach v of varlist iss_rec_no size_w mtb_w roa_w lev_w salesg_w abn_ret_1yr sd_returns_1yr op_loss src ln_analyst io_pct0 ceo_turnover_hc ind_adj_12mo_mc_w ind_adj_roa_w ni_w_b {
	di "*** `v' ***"
	ttest `v', by(iss_treat) 
	di "*** `v' ***"
	rdrobust `v' sop_for_iss, h(0.025 0.025) c(0.7) p(1) q(2) all
}

****************************
**B5: CEO Pay t

foreach v of varlist  ln_eq_pay_hc ln_neq_pay_hc ceo_exp_alt ceo_unexp_alt  {
	*tabstat `var', by(iss_treat)
	di "*** `v' ***"
	ttest `v', by(iss_treat) 
	di "*** `v' ***"
	rdrobust `v' sop_for_iss, h(0.025 0.025) c(0.7) p(1) q(2) all
}

*******************************
**B6: Director voting t and t-1

foreach v of varlist ccm_vote_for_iss ccm_vote_for_iss_m1 ccc_vote_for_iss ccc_vote_for_iss_m1 dirvote_for_iss dirvote_for_iss_m1 {
	di "*** `v' ***"
	ttest `v', by(iss_treat) 
	di "*** `v' ***"
	rdrobust `v' sop_for_iss, h(0.025 0.025) c(0.7) p(1) q(2) all
	}

****************************
**B7: Governance t

foreach v of varlist comp_committee_tenure_ave cboard_p0 independent_dir_pt dualclass {
	di "*** `v' ***"
	ttest `v', by(iss_treat) 
	di "*** `v' ***"
	rdrobust `v' sop_for_iss, h(0.025 0.025) c(0.7) p(1) q(2) all
	}

*****************************************
**B8: Board characteristics t+1

foreach v of varlist cboard_p1 tot_dir_p1 tot_dir_voted_p1 tot_ccm_voted_p1 tot_ccc_voted_p1 {
	di "*** `v' ***"
	ttest `v', by(iss_treat) 
	di "*** `v' ***"
	rdrobust `v' sop_for_iss, h(0.025 0.025) c(0.7) p(1) q(2) all
	}
